
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 15USC80a-55]

 
                      TITLE 15--COMMERCE AND TRADE
 
              CHAPTER 2D--INVESTMENT COMPANIES AND ADVISERS
 
                   SUBCHAPTER I--INVESTMENT COMPANIES
 
Sec. 80a-55. Qualifications of directors


(a) Non-interested persons

    A majority of a business development company's directors or general 
partners shall be persons who are not interested persons of such 
company.

(b) Vacancies; suspension of provisions

    If, by reason of the death, disqualification, or bona fide 
resignation of any director or general partner, a business development 
company does not meet the requirements of subsection (a) of this 
section, or the requirements of section 80a-15(f)(1) of this title with 
respect to directors, the operation of such provisions shall be 
suspended for a period of 90 days or for such longer period as the 
Commission may prescribe, upon its own motion or by order upon 
application, as not inconsistent with the protection of investors.

(Aug. 22, 1940, ch. 686, title I, Sec. 56, as added Pub. L. 96-477, 
title I Sec. 105, Oct. 21, 1980, 94 Stat. 2280.)

                  Section Referred to in Other Sections

    This section is referred to in sections 80a-2, 80a-6, 80a-53, 80a-
60, 80b-2 of this title.
